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Questions:

Please refer to the attached document, the "Weaver Corporation financial statements" and calculate the following financial turnover measurements for year 20X3: (1) Inventory turnover, and (2) Accounts receivable turnover. Assume that: (1) Revenue consists entirely of net credit sales, (2) Inventory balance at the end of year 20X3 represents average inventory, and (3) Accounts receivable balance at the end of year 20X3 represents average accounts receivable. Calculate turnover measurements in number of turns as well as number of days.

Weaver Corporation's stock is selling for $16 per share. Weaver provided the following financial statements. Use these statements to prepare comprehensive ratio analysis tables similar to those illustrated in the chapter. WEAVER CORPORATION Comparative Balance Sheet December 31, 20X3 and 20X2 ASSETS 20X3 20X2 Current assets Cash $ 500,000 $ 370,000 Accounts receivable 350,000 290,000 Inventories 90,000 110,000 Total current assets $ 940,000 $ 770,000 Property, plant & equip. Land $ 200,000 $ 200,000 Building 650,000 650,000 Equipment 950,000 900,000 $ 1,800,000 $ 1,750,000 Less: Accumulated depreciation (365,000) (325,000) Total property, plant & equipment $ 1,435,000 1,425,000 Total assets 2,375,000 2,195,000 LIABILITIES Current liabilities Accounts payable $ 160,000 $ 200,000 Interest payable 40,000 30,000 Total current liabilities $ 200,000 $ 230,000 Long-term liabilities Long-term note payable 800,000 700,000 Total liabilities $ 1,000,000 $ 930,000 STOCKHOLDERS' EQUITY Common stock ($0.50 par) 100,000- 100,000 Paid-in capital in excess of par 655,000 655,000 Retained earnings 620,000 510,000 Total stockholders' equity $ 1,375,000 $ 1,265,000 Total Liabilities and equity $ 2,375,000 $ 2,195,000 WEAVER CORPORATION Income Statement For the year ending December 31, 20X3 Revenues $ 1,685,000 Cost of goods sold 980,000 Gross profit $ 705,000 Operating Expenses Salaries $ 245,000 Interest 65,000 Depreciation 40,000 Other operating expenses 155,000 505,000 Income before income taxes $ 200,000 Less: Income taxes 40,000 Net income $ 160,000 WEAVER CORPORATION Statement of Retained Earnings For the Year Ending December 31, 20X3 Beginning retained earnings, January 1 $ 510,000 Plus: Net income 160,000 $ 670,000 Less: Dividends 50,000 Ending retained earnings, December 31 $ 620,000